Everen Ltd, the Bermudian-based mutual insurer for the energy industry, has reported net income of $679.5 million in the 2023 fiscal year.

The company said the result was driven by a rebound in the investment portfolio, positive underwriting income and effective cost management.

Bertil Olsson, president and chief executive officer, attributed the success to Everen’s unwavering commitment to creating long-term value and enhancing its value proposition.

He highlighted Everen’s track record of returning over $3.1 billion in dividends to shareholders over the past decade.

At its recent board of directors meeting, the board declared a dividend of $350 million, payable on or before September 30 to shareholders of record on March 19.

Directors also approved Everen’s 2023 financial statements and discussed the ongoing execution of its five-year strategic plan.

The board thanked retiring directors Gwenola Jan, Michele Waters, and Robert Wondolleck for their years of service.

At the company’s annual general meeting, shareholders voted to approve amendments to Everen’s bye-laws and shareholders’ agreement, aimed at enhancing governance and operational flexibility.

Shareholders elected a new board of directors who will serve until the March 2025 AGM.

During the AGM, Mr Olsson announced that he will be retiring next March.

John Weisner, chairman of the Everen board, expressed its appreciation for Mr Olsson’s sound stewardship and highlighted several key accomplishments during his tenure as CEO.

The newly-elected board convened and appointed Mr Weisner as chairman and Brian Mullen as deputy chairman for 2024.

Robert Foskey, senior vice president and chief operating officer, said: “In 2023, Everen performed very well and remained dedicated to advancing strategic plan initiatives including our marketing and communication activities and facilitating the use of our coverages through the approval of the use of incorporated cell captives.

“The addition of three new members underscores our continued growth, geographic and insured portfolio diversification, and the strong interest from global energy companies to be a part of our world-class energy insurance mutual.”

Everen, which was established in 1972, insures more than $4 trillion of global energy assets.